Sam Bankman\u002DFried, who at one point was worth $26 billion (C$35 billion), claims he now has “close to nothing.”
The fallen crypto mogul held all his assets in his now-bankrupt FTX exchange and sister trading house Alameda Research, he said in a video interview with columnist Andrew Ross Sorkin at the New York Times DealBook Summit on Wednesday.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
In a sworn declaration last month, Ray said advisers told financial institutions to freeze withdrawals and reject any instructions from Bankman-Fried. The documents also indicated that Alameda had lent $1 billion to Bankman-Fried and that FTX Group funds were used to buy homes and other personal items for employees.
Bankman-Fried became one of the world’s wealthiest people in just a few years after starting Alameda and then FTX, which had more than 1 million customers globally before its collapse. He won backing for his exchange from hedge funds and venture capitalists, while Alameda posted trading profits that he said he would use to sway politics and support nonprofits that align with his “effective altruism” philosophy.
In just about a week, his empire spiraled into bankruptcy, wiping out his fortune, which at the time was about $16 billion.Article contenttap here to see other videos from our teamThe Bloomberg Billionaires Index initially dropped the value of Bankman-Fried’s stakes in FTX and Alameda to zero once he agreed to a takeover offer from Changpeng Zhao’s Binance.
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